| Schedule of financial results of discontinued operations |
| Schedule of financial results of discontinued operations |
|
|
|
|
|
|
|
|
| |
|
2025 |
|
|
2024 |
|
| Total Revenues |
|
$ |
14,962,182 |
|
|
$ |
17,928,288 |
|
| Cost of Sales |
|
|
(11,988,488 |
) |
|
|
(14,330,686 |
) |
| Gross Profit |
|
|
2,973,694 |
|
|
|
3,597,602 |
|
| Operating Expenses |
|
|
(2,794,811 |
) |
|
|
(2,930,300 |
) |
| Operating Income (Loss) |
|
|
178,883 |
|
|
|
667,302 |
|
| Interest Income |
|
|
86,287 |
|
|
|
37,549 |
|
| Net Income (Loss) from Discontinued Operations |
|
|
265,170 |
|
|
|
704,851 |
|
| Income Tax |
|
|
(81,130 |
) |
|
|
(160,914 |
) |
| Net Income from Discontinued Operations |
|
|
184,040 |
|
|
|
543,937 |
|
| Loss from Divestiture of Discontinued Operations |
|
|
(4,891,712 |
) |
|
|
- |
|
| Total
Loss Discontinued Operations and Divestiture of Discontinued Operations, net |
|
$ |
(4,707,672 |
) |
|
$ |
543,937 |
|
The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our historical Consolidated Balance Sheet at December 31:
| |
|
2024 |
|
| ASSETS |
|
|
|
|
| Cash and equivalents |
|
$ |
1,704,959 |
|
| Accounts receivable, net |
|
|
1,876,840 |
|
| Prepaid and other current assets |
|
|
66,799 |
|
| Indemnification asset (*) |
|
|
5,196,624 |
|
| Property, Plant and Equipment — Net |
|
|
2,784 |
|
| Intangible — Net |
|
|
2,332,506 |
|
| Right of Asset |
|
|
158,513 |
|
| Goodwill |
|
|
3,865,695 |
|
| Total Assets, discontinued operations |
|
$ |
15,204,720 |
|
| LIABILITIES |
|
|
|
|
| Accounts payable and accrued liabilities |
|
$ |
193,145 |
|
| Lease Liability |
|
|
101,000 |
|
| Other Liability |
|
|
511,403 |
|
| Deferred Tax liability |
|
|
4,991,620 |
|
| TOTAL LIABILITY |
|
$ |
5,797,168 |
|
|
(*) |
The Company was previously the primary obligor for certain historical tax liabilities associated with the ITSQuest business. These obligations, along with the related indemnification rights, were transferred to the sellers upon the effective date of the divestiture. As of December 31, 2025, the Company derecognized a Deferred Tax Liability of $4,991,620 related to a New Mexico Gross Receipts Tax assessment and a corresponding Indemnification Asset of $5,196,624. Because these items were components of the ITSQuest disposal group prior to the loss of control, they are included within the major classes of assets and liabilities of discontinued operations in the 2024 Consolidated Balance Sheet presented above. |
|